The health of the oil and gas field machinery industry is inextricably tied to capital expenditures in the oil and gas extraction industries whose health in turn is dependent on the price of oil.
The oil and gas field machinery industry includes field tools, oil derricks, drilling rigs and tools, well logging and surveying equipment, and general gas well and oil field machinery and equipment.
Environmental concerns had also increased the cost of local drilling, further spurring American exploration firms to turn their attention to drilling outside of the United States,
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Aside from the demise of oil derricks, which have given way to pumping units, and the off-shore drilling methods used along the coast lines, the industry has not radically changed since its inception.